All Forum Posts by: Cerelia Bennett

Thanks guys, the feedback has been very helpful.  If all the prior residence and professional references check out, I'm going to move forward. 

Nathan, I think you hit the nail on the head - living within their means without too much thought on the future.  I have friends with a similar approach. 

After rent and monthly payments, my tenant has around $2,400 left over each month (from a job he had been in for 6 yrs) so I think I'm ok with that. 

Hi Christopher,

Thank you for replying.  I'm used to a passing on tenants with a low credit score WITH credit problems, so I was a bit thrown by this beautifully clean credit report that had a score which by general standards is considered poor.  I've been lucky enough to have previous tenants over 700.

Could you please define what Prime Class A property means?  This is a very nice townhome, unfurnished, in a nice area.  I don't know what that would be classed as?

Thank you again!

Cerelia

Hi everyone,

I'd love some feedback on my scenario.  I have an applicant with the following scenario:

1.  Income 4x the monthly rent.  

2.  Credit history is flawless - mortgages paid off, solid history of paying credit cards with no late payments, no late charge-offs, nothing negative at all.  But, his credit score is 616.  I'm assuming it's due to the amount of owed on cards/open credit.  Total monthly payments are high (including car loan of $830), but come to 50% of his take-home.

3.  Passed the background check with zero issues.

4.  Work history is very solid, references are solid, prior 5yr rental history is solid with a monthly rent the same as I'm charging.  Previous apartment complexes confirmed rent was never late.

5.  Tenant presents very well - very clean, very well dressed.

Even though everything else checks out, I'm hung up on the 616 credit score.  Can I ask for some feedback on what others would do in the same situation?

Thanks so much for your thoughts!

Thanks very much for the feedback.  It's just the first time I've had tenants with education debt that large.  It's good to know this is not a red flag in and of itself at that income.

Hello,

I have a couple who just completed a credit check for my unit and the credit score for one person is 702 and for the other is 688. The combined income is more than three times the required amount needed for the rent ($110k). I did notice the husband has an education loan debt of $113k. The monthly payment for this loan is $687. The husband has one negative item on his credit which was resolved and gave him the current score of 688. I thought that his student debt seemed very high and wondered if this should be a red flag or not. The wife has a student debt of $27k. 

Your thoughts and opinions would be greatly appreciated!